The purchase prices represents about $13.13 per share and a 9 percent premium on Century Bank's tangible book value, Pacific Continental said.

The larger Pacific Continental operates 14 branches in Seattle, Portland and Eugene. It had $1.3 billion in assets at the end of last month.

Century Bank operates just one banking office in downtown Eugene that will close because it's directly across the street from Pacific Continental's main bank, according to a notice for bank customers. Accounts and account numbers are not expected to change. The smaller bank had $85.8 million in assets at the end of September.

When the acquisition is complete, Pacific Bank said it expects to increase its assets to $1.4 billion and its deposits by $69 million to more than $1 billion.

The deal was unanimously approved by the banks' boards and is subject to approval from regulators and Century Bank shareholders. It is expected to close in the first quarter of 2013.